The cold insulation market size is projected to reach USD 5.7 Billion by 2020, at a CAGR of 7.8% during the forecast period.

Asia Pacific – The fastest-growing market for cold insulation

The rapid growth of end-use industries, such as chemicals, refrigeration, HVAC, chemicals, and oil & gas in Asia-Pacific is leading to significant growth of the cold insulation market recently. Moreover availability offeedstock and low costs to set up manufacturing facilities is driving the growth of cold insulation market in the region. Skilled workforce and relatively lower wages aid low cost manufacturing and lower costs of electricity and water are the other reasons for the high growth rate in Asia-Pacific. Government regulations, such as Clean Air Act and Clean Power Plan are also boosting the growth of the cold insulation market. Opacity in political structures in certain countries, such as India, China, and Korea make it difficult for established companies to invest in these markets. China is the fastest-growing country in cold insulation market. Growth in industries, such as, oil & gas, refrigeration, and chemicals is making way for growth of the cold insulation market in China. The current growth rate in China is strong enough to sustain more efficient manufacturing and attractive cold insulation market. It may be expected that in the next five to ten years, chemical manufacturing in China will shift towards the manufacturing of specialty chemicals. Thus, cold insulation market is projected to record strong growth in the next decade as well.

Polyurethane Foam– The leading segment of cold insulation

Polyurethane foams were first used as insulation materials as flexible foams in padded materials & mattresses and as rigid foams in refrigeration. The versatility and unique properties of polyurethane foams make it the most used material in various insulation applications. Polyurethane foams have low thermal conductivity, good strength, lightness, low water absorption, and high chemical resistance. Polyurethane foams are organic in nature and are suitable for applications between temperatures of 180°C to +140°C.

Oil & Gas – The leading end-use industry for cold insulation market

Oil & gas is one of the key end-use industries in the cold insulation market. It led the cold insulation market in 2014. Cold insulation materials in oil & gas are used for insulating storage tanks, whereas LNG is stored and in the liquefaction plant, where conversion of natural gas into liquid state is undertaken requires cold insulation materials. The insulation system limits the entry of outside heat inside the process pipes and systems to keep the liquid cool and allowing it to retain its properties.

The leading players of the market include BASF SE (Germany), Armacell International Holding Gmbh (Germany), The DOW Chemical Company (U.S.), Owens Corning (U.S.), Bayer MaterialScience (Germany), and Huntsman Corporation (U.S.). New product launch is the key strategy adopted by industry players in order to maintain growth in the cold insulation market.

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